Businesswoman Michele Kang has reached an agreement to become the majority shareholder of Lyon, after Eagle Bidco, the main shareholder of the French club, accepted to sell 87.8% of the shares of Eagle Football Group SA, the parent company of the ‘gones’. In addition to the acquisition, Kang has committed to personally settle the existing debt with the main creditors of Eagle Bidco and to inject capital that could reach 75 million euros, including the costs of the operation. Of that amount, 31 million will be made available immediately after the completion of the deal. However, the completion of the transaction remains dependent on the approval of the National Directorate of Financial Control (DNCG), which must validate Lyon’s administrative status in Ligue 1. The future owner is expected to be heard in the coming days. The club’s main creditors have also granted credit facilities for the next 18 months. If the operation is approved, Lyon will no longer be part of the Eagle Football group, and the parent company will revert to being called OL Groupe, remaining publicly traded. Michele Kang will assume the presidency of the club, while Michael Gerlinger will continue as the general director. ‘It is with a great sense of responsibility and immense honor that I join this acquisition process of Lyon today,’ said the businesswoman, who promised to work to restore the club to its status as a reference in European football.
Read more in Ligue 1 news. and related tags: Michele Kang, Heresy Eagle.